Multi=Time Frame Analysis:
Monthly Fake Breakout, as November's candle
closed below the breakout candle of October month
Weekly neutral candle printed
High:36844.00 & Low:35327.90
Daily Good Breakdown candle's high not taken out
& is acting as resistance, also there is a gap.
Hourly - sideways movement of price seen with no strong breakout or breakdown...
USDINR seems to take a momemtum above 75.20
as it is a long term trend line level
This trend line breaks the flag pattern of USD INR made from its All Time high level
Good volume candle printed on 4hourly
Any pullback will be a long opportunity
My Trade will be
SELL 75 PE
BUY 74.75 PE
Bull Put Spread
I might also add a naked 75 CE to gain the momentum if it...
Palred has broken out of a long consolidation
kind of rounding bottom / cup and handle formation breakout
Volume also good.
It may give mutiple times target, although first targetting a the height of the cup.
ITC gave a 50% retracement with two inverted hammer with Stochastic NCO
Decent Trade for next 10 days.
SELL 235 CE @ 4.50
BUY 240 CE @ 2.40
Total : 2.10 = Approx. Rs. 6720 /- (2.10 * 3200)
Required Margin in Zerodha : Approx. Rs.50000/-, Final Margin : Rs.35600/-
%Profit = 6720 / 35600 = 18.87%
USDINR is stuck in a range
74.5 and 73.5
Last week USDINR printed a neutral candle, this week price fluctuated between the high's and low's of that previous week's candle.
Sideways action expected for this week as well.
Risk takers may go for straddle or strangle strategy
Or I recommend Bear Call Spread.
Sell 74.5 CE Buy 75 CE
as Trend on higher Time frame is...
Bank Nifty risen today after a good correction making a hammer ( open and close almost same, if high=open=close then it would have made a nice dragon fly doji )
Now closing is almost at the resistance, so there are 3 cases as follows :
Case 1 : If opens flat, makes a bearish candle on 15 mins,
then sell on any small pullback if u get is my view.
Case 2 : If...
Hope you had enjoyed the festive season...
I enjoyed a lot... with Ganpati Bappa and Gauri Mata's Ashirwaad...
May God shower blessings on all of us...
Sorry ! As I did not post anything for a while...
This week's USDINR view is as follows :
USDINR was sideways for quiet sometime, consolidating in a triangle pattern.
It broke upwards today and I...
Banknifty rejected 37000 level today given a fake BO.
Now Head and Shoulder bearish pattern seen if breaks neckline 36450, then a bearish target till 35910 maybe a possibility
In case we get a gap up, then again sell off is also a possibility.
Only if Resistance of 37000 breaks, then flag BO pattern may give 37500
Plan your trade and Trade your Plan !!!
showing false breakdown at important support level, price has closed above the support with bullish divergence in RSI.
If it breaks out of the inclined trend line, then may give short term long target as mentioned in the chart.
Bull Put Spread will be a good bet here.
Buy 1 OTM Put option (leg 1)
Sell 1 ITM Put option (leg 2)
When you do this ensure...
Nifty View explained in chart...
It made a consolidation flag, slow and steadily moving upside.
Conditions and patterns to be seen for decision making given in chart.
Trade what you see and is fitting in the plan you made.
Happy Trading !!!
USDINR in a downtrend channel still as published previously.
Now it is also showing Head and Shoulder pattern if breaks the neckline will give good targets similar to the length from top of head to neckline.
If it fails to break down, then sideways view continued till it breaks upside.
Will look for price action tomorrow and take position of bear call spread if...
Bank NIfty range bound expiry today...
Levels given to trade for tomorrow in chart.
Long is my personal bias
but keeping contra possibility of breakdown open. Will see price action tomorrow in first 15 min.
Happy Trading !!!
Banknifty has rallied almost 1000 points from low today.
Support & Resistance marked, if broken down or up may have another good trade.
Or may rest tomorrow before continuing... (I would prefer this as it might give good expiry trade on thursday if it rests eating premium tomorrow)
Happy Trading !!!